The volatility of the South African rand provides a sharp reminder of the dangers of emerging market investing and a leading official from South Africa’s central bank has warned of more volatility to come.

Masaaki Shirakawa is a man under pressure. The Bank of Japan governor has watched as political pressure intensifies on the 130-year-old central bank to undertake bolder action to lift the world’s third largest economy out of its cycle of slow growth and deflation, the political rhetoric gaining tempo ahead of next month’s election.

It is 10 years ago that Ben Bernanke delivered the speech that spawned his nickname, Helicopter Ben. While his prescription may have saved the US from deflation, Japan remains the text-book example of how not to handle the fall-out from the bursting of an asset bubble.

The plethora of experts opining on the future of China after the country’s incoming leadership team was unveiled last week may want to bear in mind the words of former US ambassador to China, Winston Lord.

The choreographed leadership transition under way in Beijing has been accompanied by an equally well choreographed set of economic data suggesting the world’s second largest economy may be poised to snap a losing streak of seven consecutive quarters of slowing growth.

Just because Americans are set to cast their vote for a new president doesn’t necessarily guarantee a break from the dysfunctional politics that are likely to keep global markets on tenterhooks well after the next resident of the White House is decided.

It seems apt that the US presidential election and the start of China’s leadership transition should coincide in the same week, given the critical role that political engagement between the two countries will play in forging the landscape of the global economy in the 21st century.

The release of the government’s Australia in the Asian Century white paper will help sharpen focus on a region that is not only crucial to the prospects for the Australian economy but also the global economy at a time of slower growth in the US and Europe.

The currency war fuelled by the ongoing clash of the money printing titans appears poised to gain momentum as the Bank of Japan comes under intense political pressure to raise its asset purchase program to bolster flagging growth and fight deflation.